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white house wants at the very least a long-term extension of the debt ceiling in any fiscal cliff deal. the republicans now see the debt ceiling as their own leverage. they're demanding a steep price to include it. who anyways if obama will ultimately go along with something like this. but it is a talk that there is still one crucial way he's at the mercy of republicans. it leaves him with a tough choice. to pay their price in entitlements or play debt ceiling chicken with them again. okay. does it for "the cycle" today.
white house wants at the very least a long-term extension of the debt ceiling in any fiscal cliff deal. the republicans now see the debt ceiling as their own leverage. they're demanding a steep price to include it. who anyways if obama will ultimately go along with something like this. but it is a talk that there is still one crucial way he's at the mercy of republicans. it leaves him with a tough choice. to pay their price in entitlements or play debt ceiling chicken with them again. okay....
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, fiscal cliff, he also wants to deal with raising the debt ceiling which caused so much controversy a year and a half ago. take a listen to the president today. >> if congress in any way suggests they are going to tie negotiations to debt ceiling votes, and take us to the brink of default once again, as part of a budget negotiation which by the way we have never done in our history until we did it last year, i will not play that game. >> now, republics may not want to include the debt ceiling extension lifting that ceiling in these negotiations because the ceiling doesn't need to be lifted for a couple more months. if they come back next year and deal with that part of this, they might have more leverage as we get closer and closer to that deadline to force the president into more spending cuts than he wants right now, harris. >> harris: well, editor all those americans wondering and watching rights now, 27 days, how close are we. we heard the speaker say he is waiting to hear back from the white house. i would think that would be in the form of a counter offer from the president. >
, fiscal cliff, he also wants to deal with raising the debt ceiling which caused so much controversy a year and a half ago. take a listen to the president today. >> if congress in any way suggests they are going to tie negotiations to debt ceiling votes, and take us to the brink of default once again, as part of a budget negotiation which by the way we have never done in our history until we did it last year, i will not play that game. >> now, republics may not want to include the...
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the president's warning republicans not to include any debt limit concessions in their fiscal cliff strategy. >>> we have had a lovely week around here. but it's time to get back to a little december reality. >> would you look at that. veronica has a look at another change coming our way. what about it, veronica? >> do you like that sunset? isn't that gorgeous? >> it's lovely. >> fiery red there on the horizon. and not a bad day. the wind picked up a bit. that northwesterly wind behind the cold front that came through very early this morning. high temps in fact for today, 60 degrees. that was at 5:00 a.m. we now stand in the mid-50s. pretty much falling temps all day. now 55 degrees. trinidad, and good afternoon to you folks in tyson's corner. up north, already in the 40s. kensington at 48, with temperatures dropping. and these winds have been rocking us today out of the northwest. still at 20-mile-per-hour gusts. those will be settling down. as that happens, it's going to get cold. subfreezing temperatures due by tomorrow morning. we're going to see the numbers really drop during the overni
the president's warning republicans not to include any debt limit concessions in their fiscal cliff strategy. >>> we have had a lovely week around here. but it's time to get back to a little december reality. >> would you look at that. veronica has a look at another change coming our way. what about it, veronica? >> do you like that sunset? isn't that gorgeous? >> it's lovely. >> fiery red there on the horizon. and not a bad day. the wind picked up a bit. that...
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cliff. corker said it would allow republicans to press for cuts to entitlements. democratic senator chuck schumer told fox he thinks they will reach a deal. and texas a&m quarterback johnny manzell has won the heisman, the first freshman wotowin. he beat out notre dame linebacker and the kansas state quarterback. that's it. back to you. >> are you going to do the post for us? >> reporter: i enemy a stool, wired up. sorry. >> we will give you near space next time. >> reporter: thanks. >> an update on the developing story we have been following out of southern california. the tolare county sheriffs department has a suspect in custody in a shooting that killed three people and injured two, including two children. the person they identified as the suspect, hector solia was tracked with his cell phone. he refused to stop his car. deputies then opened fire and shot back and he is in the hospital with life-threatening injuries. the shooting victims other than found after someone made a call to 911,
cliff. corker said it would allow republicans to press for cuts to entitlements. democratic senator chuck schumer told fox he thinks they will reach a deal. and texas a&m quarterback johnny manzell has won the heisman, the first freshman wotowin. he beat out notre dame linebacker and the kansas state quarterback. that's it. back to you. >> are you going to do the post for us? >> reporter: i enemy a stool, wired up. sorry. >> we will give you near space next time. >>...
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having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six month
having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax...
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>> on the fiscal cliff or the debt ceiling? >> on the debt ceiling. >> i was very interested by your reporting. that you took a really strong position there. i do think the white house has been transformed. both by the experience with the debt ceiling and with the election. i think if they want to stand their ground, i think they can actually do it. i think that that is, in fact, possible. can they? you know, we'll see. they seem a lot tougher now than they were last time around. don't you think? >> they sound very tough now. chrystia freeland of thomson, and author of "the plutocrats." >>> i promised, red lobster, olive garden, timely for both, and i will deliver. that is ahead. ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. and his new boss told him two things -- cook what you love, and save your money. joe do
>> on the fiscal cliff or the debt ceiling? >> on the debt ceiling. >> i was very interested by your reporting. that you took a really strong position there. i do think the white house has been transformed. both by the experience with the debt ceiling and with the election. i think if they want to stand their ground, i think they can actually do it. i think that that is, in fact, possible. can they? you know, we'll see. they seem a lot tougher now than they were last time...
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. >> the longer white house slow walk this is process, the closer our economy gets to the fiscal cliff. we know that the president wants more stimulus spending and increase in the debt limit without any cuts or reforms. that's not fixing our problem. frankly, it's making it worse. >> let me bring in our "news nation" political panel this hour. chris cafinus, michael smerkonish and louies romanis. what are we to make of speaker boehner coming out today, not sure of the overall message other than he wanted to have, i guess, a sound bite to play today as we continue to talk and the president is off at least negotiating behind the scenes on the fiscal cliff. >> i think you called it, tamron. look, the rhetoric is scaled back dramatically in the last few days. they're talking and seriously evidenced by the fact we're not learning that much. they're keeping it pretty close to the vest. i think the speaker is under enormous pressure of his own caucus to get something, to extract something in return for these tax hikes. and that's why he's talking about spending cuts. but i think that they're
. >> the longer white house slow walk this is process, the closer our economy gets to the fiscal cliff. we know that the president wants more stimulus spending and increase in the debt limit without any cuts or reforms. that's not fixing our problem. frankly, it's making it worse. >> let me bring in our "news nation" political panel this hour. chris cafinus, michael smerkonish and louies romanis. what are we to make of speaker boehner coming out today, not sure of the...
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cliff. the speaker set to given a update out state of negotiations with the white house in two hours. we will bring brink that to you live t did the mark it's job to deal of what happened with ben bernanke's comments and now the target in terms of tying interest rates to unemployment, which is a very new and big development for the fed. >> cnbc is talking over and over again, 2 million jobs to be lost, not if but when we go over the cliff. ben bernanke is listening to what this network is saying, recognizing there is going to be a dram mat hillsborough county job loss if we go over the cliff that is force austerity, that is firing people. look at spain when they got serious. italy. it meant a lot of firings. he says i see what we are going to do follow these countries that have fiscal responsibility a lot of people are going to be fired. don't worry, i'm going to do my best. what what are you going to do to keep people employed? >> keeping the heat on congress, came up a number of times, of
cliff. the speaker set to given a update out state of negotiations with the white house in two hours. we will bring brink that to you live t did the mark it's job to deal of what happened with ben bernanke's comments and now the target in terms of tying interest rates to unemployment, which is a very new and big development for the fed. >> cnbc is talking over and over again, 2 million jobs to be lost, not if but when we go over the cliff. ben bernanke is listening to what this network is...
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the longer the white house slow walks this discussion, the closer our economy gets to the fiscal cliff and the more american jobs are placed in jeopardy. >> gretchen: so with both sides still hung up over tax hikes and spending cuts, can they come it a consensus in time to avert going off the cliff? let's ask texas congressman jeb hensarling who joins me live this morning. good morning to you. >> good morning. how are you? >> gretchen: doing just fine, thank you so much. it's interesting because it appears from john boehner that the president isn't budging on the spending cuts. yet i want to point you in the direction of a new fox news poll that came out this morning that said that if there are tax increases, should the president also budge on spending cuts? you want to know how many people said yes? 89%. your thoughts. >> well, i'm gratified by that because the truth is america is facing a debt crisis. under president obama, we've accumulated more debt in four years than in the previous 200. we're borrowing roughly 40 cents on the dollar, much of it from the chinese. sending the bill
the longer the white house slow walks this discussion, the closer our economy gets to the fiscal cliff and the more american jobs are placed in jeopardy. >> gretchen: so with both sides still hung up over tax hikes and spending cuts, can they come it a consensus in time to avert going off the cliff? let's ask texas congressman jeb hensarling who joins me live this morning. good morning to you. >> good morning. how are you? >> gretchen: doing just fine, thank you so much. it's...
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in terms of the fiscal cliff, higher taxes on everybody. one thing that will happen without an agreement, all the bush tax rates go away, so everyone's taxes are going to go up. you'll see that emphasized over the next couple weeks. you'll hear the white house talk about what a bad situation there will be after january 1 if this deal is not cut. >> david jackson, "usa today," shira toeplitz, "roll call." we appreciate your time so much we'll talk to you later in the hour as well. >> thank you. >>> the last remaining house race of the 2012 election cycle is pabt to come to a close. in louisiana, republican congressman charles boustany jr., jeff landry facing off in a runoff election. they were forced to run in the same district in bayou because of the state's shrinking congressional delegation. both conservative republicans, landry a tea party freshman. we'll keep you abreast of what happens. >>> meanwhile, high drama about to surround the high court as the justices agree to take on the high-stakes issue of same-sex marriage. ♪ >>> the man
in terms of the fiscal cliff, higher taxes on everybody. one thing that will happen without an agreement, all the bush tax rates go away, so everyone's taxes are going to go up. you'll see that emphasized over the next couple weeks. you'll hear the white house talk about what a bad situation there will be after january 1 if this deal is not cut. >> david jackson, "usa today," shira toeplitz, "roll call." we appreciate your time so much we'll talk to you later in the...
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the real attention will be on this massive, $60.3 trillion debt, this fiscal cliff. but, most importantly, this debt crisis next year. i'm not talking about what's going to happen in february or january. what i want to talk about is how do we solve this problem? how do we get the speaker? and the president actually opened up that back door. they're sitting there making back room deals. open up and let the american people see what's going on. i want to see what's going on. they won't tell either side what the deal-making is going on. i don't think that's the way to make policy. >> now, as you said, you and i may not agree. we've debated on this show, though you've always come on. are you saying that you believe that speaker boehner has a score card and is punishing you and three others for standing up and voting for what you believe to be right? >> that is apparently the case. we wrote a letter to the speaker and i think if you read the language of the letter, you walk through all of the washington and you see oh, yes, there was a score card and we were graded a certa
the real attention will be on this massive, $60.3 trillion debt, this fiscal cliff. but, most importantly, this debt crisis next year. i'm not talking about what's going to happen in february or january. what i want to talk about is how do we solve this problem? how do we get the speaker? and the president actually opened up that back door. they're sitting there making back room deals. open up and let the american people see what's going on. i want to see what's going on. they won't tell either...
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ceiling and decided to roll a debt ceiling extension in to the fiscal cliff deal whatever they end up striking here and seems to me acknowledging republicans have leverage with cpi and talking about raising the medicare age. my question to you as a progressive is, republicans want something big. is there any big concessions you can see acceptable? >> new york city i really can't. and the kind of things we are talking about, even if they're not -- may not be acceptable to me ever but talking about a version of the changed cpi, the president already said social security is off the table because it is not driving the deficit. that's kind of weird. changes to medicare eligibility again or changes to medicare payments or whatever, it's really complicated to negotiate but i have to say i agree with you, steve. i'm -- i wish that the president hadn't taken the 14th amendment off the table because we're all saying, well, nothing should be off the table. why is that off the table and even if it's tough thing to pull off in the long run? i think that this mania for a fiscal cliff deal is distur
ceiling and decided to roll a debt ceiling extension in to the fiscal cliff deal whatever they end up striking here and seems to me acknowledging republicans have leverage with cpi and talking about raising the medicare age. my question to you as a progressive is, republicans want something big. is there any big concessions you can see acceptable? >> new york city i really can't. and the kind of things we are talking about, even if they're not -- may not be acceptable to me ever but...
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we have breaking news on the fiscal cliff negotiations. john harwood with the details. over to you, john. >> maria, just wanted to bring you up to date on a development, which is the resumption of some staff level discussions between the congress, the speaker's office in particular, and the white house. we've been through a period where both sides, the principa s principals, the speaker and president have been striking tough lines in public, having made some initial moves towards cooperation, but word followed up no more meetings scheduled between the principals. wasn't that much going on staff to staff. that's changed today from yesterday. to you have some discussions resumed. i don't want to overplay the significance, but it is an encouraging sign for people who think that the ice had been beginning to crack around some of the positions, especially with the republicans on taxes. we may be looking for some forward movement. got to watch over the next day or so. >> this is good news, john. >> it is good news. it is an indication that we may be intensifying discussions t
we have breaking news on the fiscal cliff negotiations. john harwood with the details. over to you, john. >> maria, just wanted to bring you up to date on a development, which is the resumption of some staff level discussions between the congress, the speaker's office in particular, and the white house. we've been through a period where both sides, the principa s principals, the speaker and president have been striking tough lines in public, having made some initial moves towards...
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that's not what the american people thought the fiscal cliff was about. they thought it was about trying to have something to force us, force our congress and our president to do something about the deficit and debt situation. everything they're talking about will make it worse. >> what's the answer? will we have the deal? >> the real answer is to have comprehensive. look at this. i as a republican, i would take raising the rates on the two top brackets if, in return, we had tax reform laid out over a period of months, if we had entitlement reform. we have to control defense spending. we have to control other no non- -- other discretionary non-defense spending. i think if you have the whole package, i would hold my nose despite the fact raising those two tax brackets is bad economics, bad for jobs, will hurt the economy, i would hold my nose to get the other done. what i wouldn't do is vote for that and do nothing else. >> agree completely. what i've been saying here. steve rattner. >> i agree completely. to get a big deal we all have to hold our nose a l
that's not what the american people thought the fiscal cliff was about. they thought it was about trying to have something to force us, force our congress and our president to do something about the deficit and debt situation. everything they're talking about will make it worse. >> what's the answer? will we have the deal? >> the real answer is to have comprehensive. look at this. i as a republican, i would take raising the rates on the two top brackets if, in return, we had tax...
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they told me the idea is while the president can permit the economy to fall over the fiscal cliff, or curb, whatever you want to call it, he can't allow us to default on our debt. that would, like, destroy the economy. that gives republicans a stronger hand or so they think. but really, think about that. here's how it would go. later this month, republicans would, by voting present, which everyone would think was a bit weird, permit the bush tax cuts to expire for income over $250,000. that would let president obama pocket $1 trillion in tax revenue and secure a win on his key priority in the talks. but they would do nothing else. at the end of the year, we would still go over the fiscal cliff. remember, the bush tax cuts are one of the at least stimulative policies in the negotiations. according to the economic policy institute, extending the middle class tax cuts would wipe out only about 11% of the austerity's economic impact. 11%. but all that other stuff, the payroll tax cut, the unemployment insurance, the sequester, all that, that would still be expiring. so come early next yea
they told me the idea is while the president can permit the economy to fall over the fiscal cliff, or curb, whatever you want to call it, he can't allow us to default on our debt. that would, like, destroy the economy. that gives republicans a stronger hand or so they think. but really, think about that. here's how it would go. later this month, republicans would, by voting present, which everyone would think was a bit weird, permit the bush tax cuts to expire for income over $250,000. that...
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and they are just going to let the fiscal cliff thing take care of itself. i learned this recently, remember the sequester. >> yes. >> what a panic that was? >> yes. >> they can cancel that. they can say, we are not going to do t we are going to cancel it. just cancelling the budget cuts saying, never mind. >> that's it you know what? i haven't thought about it that way but sincition a creation of their own making? right? the creature of their own making, they can undo what they did. >> they can undo it. >> because it came about they said, so if our super committee doesn't reach an agreement, these draconian budget cuts are going to take place. now, they could say, we changed our mind. >> never mind. yeah, never mind or they could delay it three years or a year or whatever. but they don't have to. >> that's why we are not hearing about it t they will just, we will never mind that. >> bill: well, i think you may be right. i think they know they have lost the battle on the tax cuts. even if they don't get a 39.6, they will agree to 37 or 37 natural or whatever
and they are just going to let the fiscal cliff thing take care of itself. i learned this recently, remember the sequester. >> yes. >> what a panic that was? >> yes. >> they can cancel that. they can say, we are not going to do t we are going to cancel it. just cancelling the budget cuts saying, never mind. >> that's it you know what? i haven't thought about it that way but sincition a creation of their own making? right? the creature of their own making, they can...
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. >> let's talk about the fiscal cliff. also on the radar this morning, after president obama and house speaker john boehner both were tight-lipped how the negotiations went. the co-founder of the fix the debt campaign, he was asked about the chances of striking a deal to avoid the cliff. >> it's probably more like a 40% chance we'll actually get it done before the end of the year. probably 25% chance we'll get it done right after the end of the year. and then there's that horrible 35% chance that we'll still go over the cliff and have pure chaos. but i think the chances of getting it done now are better. i think that's what's key. >> be sure to tune in tomorrow for the fiscal cliff coverage live from washington. mission critical, rise above d.c., all day long. becky quick, jim cramer, maria bartiromo holding their feet to the fire about where they stand on the fiscal cliff and how they'll do their part to rise above partisan politics and reach a deal. now, there are some bowles comments. 40%, yeah, but the odds are much be
. >> let's talk about the fiscal cliff. also on the radar this morning, after president obama and house speaker john boehner both were tight-lipped how the negotiations went. the co-founder of the fix the debt campaign, he was asked about the chances of striking a deal to avoid the cliff. >> it's probably more like a 40% chance we'll actually get it done before the end of the year. probably 25% chance we'll get it done right after the end of the year. and then there's that horrible...
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. >> if republicans do not agree to that is the administration prepared to go over the fiscal cliff. >> we face no prospect of agreement that doesn't involve the rates going up on the top two percent. >> brian: he also said he believes that the president needs to get control of the debt limit. that is a nonstarter. there is no way to get congress to give up control of debt limit. >> steve: republicans are saying let's cave and surrender on the tax issue. but coming up in 2013 we have leverage over the debt limit. remember the president of the united states his personal approval ratings went in the toilet. >> brian: as is the congress. >> steve: the congress didn't have as far to because they were close to the floor anyway. republicans say let's have leverage next time and the president said let's take that off of the table and from now on the president doesn't have to negotiate from congress. congress doesn't like that one bit. >> gretchen: usually when you are holding the cards in the negotiation you don't have to budge. that's the position the president and time geithner feel. they
. >> if republicans do not agree to that is the administration prepared to go over the fiscal cliff. >> we face no prospect of agreement that doesn't involve the rates going up on the top two percent. >> brian: he also said he believes that the president needs to get control of the debt limit. that is a nonstarter. there is no way to get congress to give up control of debt limit. >> steve: republicans are saying let's cave and surrender on the tax issue. but coming up in...
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. >> i think you should go off the fiscal cliff. americans are barreling down the road that's debt. there is a fork in the road. on the left are all our kids and our grand kids and the next generations. and on the right the road on the right is the fiscal cliff. really that the is choice if we don't do something about it we are going to go anyway. do you run over the kids with the car or do you take the other road which is not a good one but better than running over your kids fiscal cliff. it's a hard choice. >> but if we don't do it, if we don't go over the fiscal cliff the democrats will never cut a dime in spending. >> why would the democrats want change? if the bush tax cuts are going to expire they are saying this is great because this means the rich are going to pay more money, we are going to have more money to spend. they are already spending a the lo. they are saying why would we want change? this is great we have more money to spend. >> nancy pelosi saying why aren't we voting on middle class tax cuts? get to the other stuff. put this up for a vote: listen to nancy pelosi.
. >> i think you should go off the fiscal cliff. americans are barreling down the road that's debt. there is a fork in the road. on the left are all our kids and our grand kids and the next generations. and on the right the road on the right is the fiscal cliff. really that the is choice if we don't do something about it we are going to go anyway. do you run over the kids with the car or do you take the other road which is not a good one but better than running over your kids fiscal...
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>> here's the deal, first of all for the audience, we talk about the fiscal cliff, it involves three things. first of all it deals with the bush tax cuts set to expire in december. it also deals with the debt ceiling, sequestration, there's three parts to it. the president is consistently saying i talked to people in his administration, saying look we want to deal first just with the tax cuts. republicans want to add the other pieces to it because they know it's hard to defend fighting for the tax cuts for the top 2%. they need to be able to tell their supporters we got something out of this. the president is saying separate them. that's part of the reason why you have this battle. >> dig deeper into what you're saying, roland, 70% for democrats, 70% seem to suggest they are willing to see cuts in entitlements, house speaker john boehner says taxes remain a sticking points but there are reports that bainer is open to more revenues. is it time for democrats to give more on social security, medicare and medicaid? >> the president did so last year. if you ask republican leadership they
>> here's the deal, first of all for the audience, we talk about the fiscal cliff, it involves three things. first of all it deals with the bush tax cuts set to expire in december. it also deals with the debt ceiling, sequestration, there's three parts to it. the president is consistently saying i talked to people in his administration, saying look we want to deal first just with the tax cuts. republicans want to add the other pieces to it because they know it's hard to defend fighting...
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you see on one level at the abstract level, debt, deficits, fiscal cliff, and then a transition into the to-do list, which is where they would like to see effort. finally, with all of this battering that people have taken during this last few years of difficult economy, we gave voters -- will go to this question in detail -- which gave them a choice, short-term, pragmatic solutions to fix the problem or long-term visionary policies that will put us on the right track interestingly enough, people are thinker -- people are thinking longer term. it is different for different groups, but generally speaking, people are looking for a longer horizon. quickly, the mood of the country, you see the red track, the wrong track. you see it is still 50% believe the country is on the long track, but you see improvement since where we were in the middle class in the late fall of 2011. that is when it really bottomed out. that was around the time of the debt ceiling debate. only 32% of democrats said right direction in 2011. if you look at it, democrats are 77%. if you move to the left side of the sl
you see on one level at the abstract level, debt, deficits, fiscal cliff, and then a transition into the to-do list, which is where they would like to see effort. finally, with all of this battering that people have taken during this last few years of difficult economy, we gave voters -- will go to this question in detail -- which gave them a choice, short-term, pragmatic solutions to fix the problem or long-term visionary policies that will put us on the right track interestingly enough,...
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even as we are wrestling with trying to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic to bitty for job growth compared to the unemployment rate would be measurably
even as we are wrestling with trying to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest...
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speaker, on sunday the president and house speaker boehner met to discuss the impending fiscal cliff. the next day the president jetted off to michigan to campaign for tax increases instead of staying in washington to work on a possible plan. with a national debt of over $16 trillion, washington's out-of-control spending is placing our national security at risk. clearly spending is a threat with an increase of 93.5% over 10 years and revenues increased only 15.7%. raising taxes on the american economy will destroy jobs. reports have indicated that raising taxes on the top 2% will generate up to $80 billion a year. this amount of money covers less than 10% of our nation's annual deficits. it's my hope that the president will address the fiscal cliff to work with house republicans to promote small business job growth. in conclusion, god bless our troops and we will never forget september 11 and the global war on terrorism. the speaker pro tempore: the gentleman's time has expired. for what purpose does the gentleman from illinois rise? mr. dold: to address the house for one minute and t
speaker, on sunday the president and house speaker boehner met to discuss the impending fiscal cliff. the next day the president jetted off to michigan to campaign for tax increases instead of staying in washington to work on a possible plan. with a national debt of over $16 trillion, washington's out-of-control spending is placing our national security at risk. clearly spending is a threat with an increase of 93.5% over 10 years and revenues increased only 15.7%. raising taxes on the american...
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Dec 12, 2012
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one is that fiscal cliff, to is the debt ceiling. three is the so-called big deal that has to be done on our debt and deficit. of fortunately those issues, convoluted, especially in this town. they are distinct. the impact each other but they are distinct. this fiscal cliff is an artificial state. congress came in, said this law expires on this date. they extended it wants. they put in the sequestration. it is a date. all they have to do is extend the date and allow themselves time to discuss the issues. instead they are putting it all into a lame duck session. that is a problem. sometimes it leads to bad policy. the fiscal cliff can have real consequences. cbo has said that it would cause a recession if we were to go off the fiscal cliff. i do not dispute that i do point out that in 1993 when these taxes were first put in, many said they will cause a recession. they did not. the economy is improving on its own right now. and getting some much stronger. the impact of the fiscal cliff, while not something to be encouraged, may not be
one is that fiscal cliff, to is the debt ceiling. three is the so-called big deal that has to be done on our debt and deficit. of fortunately those issues, convoluted, especially in this town. they are distinct. the impact each other but they are distinct. this fiscal cliff is an artificial state. congress came in, said this law expires on this date. they extended it wants. they put in the sequestration. it is a date. all they have to do is extend the date and allow themselves time to discuss...
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the last eight or nine related principally to the fiscal cliff. we brought about 370 business leaders representing 32 different state the white house and the message that they're giving is pretty consistent with simpson bowles, consistent with fix the debt, consistent with how business voice is characterized in the media. they're anxious for the debt, they want certainty as quickly as possible. they tend to use simpson bowles as their frame of reference. the question is not which plan, republican plan or the democrat plan is better, it's which plan is closer to simpson boles and why? host: here's "the hill" newspaper. obama-friendly business groups given great access to the white house. guest: we bring business leaders from around the country to work on health care reform, immigration reform, the fiscal cliff, intellectual property protection and the business leaders are speaking for themselves. generally speaking, business leaders are centrists. they're data driven, results oriented. and they are looking for compromise in washington. state prooba
the last eight or nine related principally to the fiscal cliff. we brought about 370 business leaders representing 32 different state the white house and the message that they're giving is pretty consistent with simpson bowles, consistent with fix the debt, consistent with how business voice is characterized in the media. they're anxious for the debt, they want certainty as quickly as possible. they tend to use simpson bowles as their frame of reference. the question is not which plan,...
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Dec 5, 2012
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keep it out of the fiscal cliff stuff. do we raise the retirement age to ease our debt? >>> treasury secretary tim geithner will speak later to steve leisman about the fiscal cliff talks. we'll have a preview and discuss what traders want to hear. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ >>> goldman sachs earlier today cutting its outlook for gold and prices are closing right now. we have about a $2 loss in
keep it out of the fiscal cliff stuff. do we raise the retirement age to ease our debt? >>> treasury secretary tim geithner will speak later to steve leisman about the fiscal cliff talks. we'll have a preview and discuss what traders want to hear. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than...
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and number two, do you believe we're going over the fiscal cliff? what are the implications for our children if we don't get our arms around the zmet redebt? real quick two questions. >> hello? >> maya? maya, are you with me? >> hey, folks. >> unbelievable. two important questions for maya. we're going to get those answers from maya. i really want to get out there what it means for our children because getting our arms around the debt is quite important and whether or not we need to cut medicare. we'll get her answers when we come back. meantime, let's slip in a short break. then we have ranking republican on the senate banking committee, richard shelby in the shohouse. she's goi he's going to be up next on his reaction from the geithner interview. stay with us. busy hour. well, if it isn't mr. margin. mr. margin? don't be modest, bob. you found a better way to pack a bowling ball. that was ups. and who called ups? you did, bob. i just asked a question. it takes a long time to pack a bowling ball. the last guy pitched more ball packers. but you... y
and number two, do you believe we're going over the fiscal cliff? what are the implications for our children if we don't get our arms around the zmet redebt? real quick two questions. >> hello? >> maya? maya, are you with me? >> hey, folks. >> unbelievable. two important questions for maya. we're going to get those answers from maya. i really want to get out there what it means for our children because getting our arms around the debt is quite important and whether or...
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but we're not hearing of any progress on avoiding the fiscal cliff or on raising the nation's debt ceiling which is currently at $16.4 trillion. there are new concerns about what could happen to the country's credit rating in the new year. each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may re newsto raise the country's debt ceiling to get their way on spending cuts and risk defaulting on the country's loans. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperorer. >> reporter: fiscal cliff negotiations have been at a stand still since monday when republicans proposed raising revenue by closing tax loopholes, not by raising rates on the rich as the president has insisted. >> we're not insisting rates j
but we're not hearing of any progress on avoiding the fiscal cliff or on raising the nation's debt ceiling which is currently at $16.4 trillion. there are new concerns about what could happen to the country's credit rating in the new year. each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limit. president obama talked to business leaders today. >> the only thing that the debt ceiling is good for as a weapon is to destroy your credit...
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fiscal cliff, beyond the fiscal cliff. let me get to this steve. this is about including the debt ceiling. and what the president said about that in this negotiation today. >> we are not going to play that game next year. >> if congress in any way suggests they will tie negotiation to debt ceiling votes and take us to the brink of default once again, part of a budget negotiation, which by the way we have never done in our history until we did it last year. i will not play that game. because we have to break that habit before it starts. >> bret: what about that? >> well, the president had as many red lines for iran as for house republicans. i think what kirsten said is absolutely remarkable. it is about the scalp. it's about the president having made a campaign argument for the better part of 2012. so that he could run a class warfare campaign. now having to make good on that with the base of his party. the u.s. economy be damned. the republicans offered to give so much and offering precisely what erskine bowles laid out as a compromise position in
fiscal cliff, beyond the fiscal cliff. let me get to this steve. this is about including the debt ceiling. and what the president said about that in this negotiation today. >> we are not going to play that game next year. >> if congress in any way suggests they will tie negotiation to debt ceiling votes and take us to the brink of default once again, part of a budget negotiation, which by the way we have never done in our history until we did it last year. i will not play that game....
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does that need to be part of any agreement to appoint -- agreement to avoid the fiscal cliff? >> this is serious fiscal and tax policy. it is about the economic future of our country and making sure this country continues to be the greatest economy and the greatest country in the world. it is not a game. i am with the president on this one. we saw the response of the market in august with the republicans were willing to go off of the fiscal cliff. some of them are saying it now, not paying on our debt and jeopardize the full faith and credit of the united states. this is not a game. if we do not pay our bills and pay our debt, we are going to see interest rates going up. it is not where you make the decision about spending and the budget. you have already made those decisions. this is just about paying the bills. he gets is serious in this country. we have to get the deficit under control and begin to pay down the that feed -- pay down the debt. the last thing we want to do to what is an economic recovery, but a fragile one, we cannot go back to threatening consumer investment
does that need to be part of any agreement to appoint -- agreement to avoid the fiscal cliff? >> this is serious fiscal and tax policy. it is about the economic future of our country and making sure this country continues to be the greatest economy and the greatest country in the world. it is not a game. i am with the president on this one. we saw the response of the market in august with the republicans were willing to go off of the fiscal cliff. some of them are saying it now, not...
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now fears about the fiscal cliff and america's $16.3 trillion debt are pushing some, seen here, to renounce the pledge. i have been highlighting members of congress who said they are getting over grover. one of those members is tom cole of oklahoma. he signed the pledge and says he's not bound by it anymore. representative cole, a month ago you wrote allowing taxes to rise for just the top bracket may seem an acceptable middle ground by comparison. but this path would be enormously damaging to the economy, which meant you weren't going to do it. now you have been urnling your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what changed your mind? >> first of all, nothing changed my mind. frankly you mischaracterized my position. i'm not for raising tax rates on anybody. i don't think it's a good idea. bad for the economy. going to slow down, hurt rates. that's my position, not because i signed a pledge. that's what i believe. what i have said is we agree with the president that taxes on 98
now fears about the fiscal cliff and america's $16.3 trillion debt are pushing some, seen here, to renounce the pledge. i have been highlighting members of congress who said they are getting over grover. one of those members is tom cole of oklahoma. he signed the pledge and says he's not bound by it anymore. representative cole, a month ago you wrote allowing taxes to rise for just the top bracket may seem an acceptable middle ground by comparison. but this path would be enormously damaging to...
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Dec 7, 2012
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even as we are wrestling with trying to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic opportunity for job growth compared to the unemployment rate would be measura
even as we are wrestling with trying to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest...
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both sides are digging in their heels, and with no move to avoid the fiscal cliff, or to raise the debt ceiling which is currently at $16.4 trillion, now there's new concern about what could happen to our credit rating in the new year. each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limits. president obama called it a dangerous lesson when he talked to business leaders today. >> the only thing that debt ceiling is good for as a weapon is to destroy your credit rating. >> reporter: he's worried republicans may refuse to raise the debt ceiling and risk defaulting on the country's loan. >> that is a bad strategy for america. it's a bad strategy for your businesses. and it is not a game that i will play. >> reporter: republicans are pushing back. >> he's the president, not the emperor. he does not have the power. >> reporter: fiscal cliff negotiations have been at a standstill since monday. not by raising rates on the rich as the president had insisted. >> we're not insisting on rates just out of spite, but rather because we need to rai
both sides are digging in their heels, and with no move to avoid the fiscal cliff, or to raise the debt ceiling which is currently at $16.4 trillion, now there's new concern about what could happen to our credit rating in the new year. each day toward the fiscal cliff is also another day closer to the country maxing out on its borrowing limits. president obama called it a dangerous lesson when he talked to business leaders today. >> the only thing that debt ceiling is good for as a weapon...
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very soon after this fiscal cliff issue moves forward, we're going to be moving forward on the debt ceiling debate. you have said you do not agree with president obama that he basically wants to take this debt ceiling debate off the table and this no barriers. why? >> it's like taking the limits off a teenager daughter's credit card. if you don't have limits you're going to spend forever. if the president didn't have limits, didn't have to come to us, work out an agreement, spending goes on forever, debt and deficit, pretty soon -- >> play with people's lives every couple of years on this debt ceiling. look, i want this, otherwise i'm not going to prove it. >> don't play with lives but pocketbook of american people. time we stopped spending so much. debt cap is like credit card cap, it works. >> there's been a suggestion where he need to reduce mortgage interest deduction, a million dollars. should that come down. >> you shouldn't never pick one deduction out and say that's where i'm going to do it. i favor capping on a means test. for example, if you're in the top 2%, maybe maximum deducti
very soon after this fiscal cliff issue moves forward, we're going to be moving forward on the debt ceiling debate. you have said you do not agree with president obama that he basically wants to take this debt ceiling debate off the table and this no barriers. why? >> it's like taking the limits off a teenager daughter's credit card. if you don't have limits you're going to spend forever. if the president didn't have limits, didn't have to come to us, work out an agreement, spending goes...
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limit increase. >> john harwood, thank you. >>> let's see where we do stand on the fiscal cliff deal. let's look at our "rise above" meter. time to stop talking and start actle. we were at a half-way point, now back to a quarter on the "rise above" meter, closing to no deal than deal. >>> lawmakers trying to solve the fiscal cliff issue. police trying to solve a burglary at the home of california congressman darrel issa. according to reports, more than 50 pieces of jewelry worth about $100,000 were stolen from the congressman's home on november 29th. watches, earrings, rings, bracelets involved and what issa spokesperson calls irreplaceable family air looms. >>> to the jobs report today. super storm sandy slammed the east coast but it looks like it didn't have all that much impact on the labor market. november jobs numbers coming in much stronger than expected. steve leisman who's had a very busy week here to talk about the numbers and put it in context for us. >> hi, sue. no substantive sandy in the jobs numbers. the lack of sandy effect has us scratching our heads, what they said.
limit increase. >> john harwood, thank you. >>> let's see where we do stand on the fiscal cliff deal. let's look at our "rise above" meter. time to stop talking and start actle. we were at a half-way point, now back to a quarter on the "rise above" meter, closing to no deal than deal. >>> lawmakers trying to solve the fiscal cliff issue. police trying to solve a burglary at the home of california congressman darrel issa. according to reports, more...
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. >> when the two sides are beyond the fiscal cliff deadline they have to raise the debt ceiling which can be used as leverage. >>shepard: doctors had given up on saving a little girl with leukemia and now she is alive and her cancer is in complete remission. how did they do it? there is an experimental therapy that saved her. and they tell us it could revolutionize cancer treatment. it has to do with one virus called hiv. >>shepard: doctors say cancer already killed a since-year-old girl until they triad very different kind of treatment. they gave her a disabled form of h.i.v., the virus that causes aids and now the girl has been cancer free for seven months. researchers say this could fundamentally change the way we treat the crippling cancer of leukemia. a doctor who helped develop this treatment is director of blood and transplant at a center in philadelphia. h.i.v....what does this do? >>guest: if you think about it, one of the ways that h.i.v. works is by getting into cells, into immune cells. it is good at getting any cells but the virus makes them sick and kills the immune cell
. >> when the two sides are beyond the fiscal cliff deadline they have to raise the debt ceiling which can be used as leverage. >>shepard: doctors had given up on saving a little girl with leukemia and now she is alive and her cancer is in complete remission. how did they do it? there is an experimental therapy that saved her. and they tell us it could revolutionize cancer treatment. it has to do with one virus called hiv. >>shepard: doctors say cancer already killed a...
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i hope boehner and obama can find a way to avoid the initial effects of the fiscal cliff. but in february or march you have to raise the debt ceiling. i can tell you this, there is a hardening on the republican side. we're not going to raise the debt ceiling. we're not going to let obama borrow anymore money or any american congress borrow anymore money until with fix this country from becoming greece. that requires significant entitlement reform to save social from bankruptcy and medicare from bankruptcy. social security is going bankrupt in about 20, 25 years. medicare is going bankrupt in 15 or 20 years. the baby boomers are coming in at 10,000 a day. and we just can't scene this. martha: president last week said we'll not play that game. last time around they wouldn't let the debt ceiling go up, i tell you right now, something to this effect we will play that game. >> we will play that game, mr. president. that is not a game. the game you're play something small ball. you're talking about raising rates on top 2% that would run the government for 11 days. you got reelec
i hope boehner and obama can find a way to avoid the initial effects of the fiscal cliff. but in february or march you have to raise the debt ceiling. i can tell you this, there is a hardening on the republican side. we're not going to raise the debt ceiling. we're not going to let obama borrow anymore money or any american congress borrow anymore money until with fix this country from becoming greece. that requires significant entitlement reform to save social from bankruptcy and medicare from...
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in order to avert fiscal disaster by not raising the debt ceiling. he said he won't indulge in that. unfortunately, the president has also said he won't use or threaten to use the implicit authority many constitutional scholars think the president has to ignore the debt ceiling because the 14th amendment provision that says the full faith and credit of the united states will not be questioned. >> eliot: i wanted to pick up on that threat because while i'm not persuaded you would win that argument, it is a powerful argument. why do you think the white house took that issue off the table? they certainly could have used it as a negotiating ploy lingering out there saying look, pursuant to the constitution you just cited the provision the president must act to protect the full faith and credit of the united states. therefore i -- why did he not use that as a more powerful weapon? >> i don't know, frankly. there are constitutional scholars who say that the debt ceiling is unconstitutional. just the idea of the debt ceiling is unconstitutional because it c
in order to avert fiscal disaster by not raising the debt ceiling. he said he won't indulge in that. unfortunately, the president has also said he won't use or threaten to use the implicit authority many constitutional scholars think the president has to ignore the debt ceiling because the 14th amendment provision that says the full faith and credit of the united states will not be questioned. >> eliot: i wanted to pick up on that threat because while i'm not persuaded you would win that...
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in my view fooling around with the debt ceiling is worse than the fiscal cliff. so you're sort of trading one monster for another. i think it would be, again, absolutely nuts to go there. >> peter, what do you think? >> oh, i don't agree. i think that the fiscal cliff and it is a cliff, on january 1 withholding taxes go up to the tune of $400 billion. >> not necessarily. >> it would have a very negative effect on the economy. according to the legislation they would, jared. >> they would not. >> jared, you have to -- >> let me make a point. the treasury secretary can decide if he or she believes a deal sl imminent not to adjust withholding tables. very important. >> i'm talking about no deal and we go off the cliff. >> we go off and stay off. >> it's $400 billion. we have a lot of things to do with regard to our debt ceiling, and my feeling is no one really believes the united states of america is going to default on its debt even if it lapses. we're dealing with different things. one is real and substantive and the other is psychological. >> i really disagree. >>
in my view fooling around with the debt ceiling is worse than the fiscal cliff. so you're sort of trading one monster for another. i think it would be, again, absolutely nuts to go there. >> peter, what do you think? >> oh, i don't agree. i think that the fiscal cliff and it is a cliff, on january 1 withholding taxes go up to the tune of $400 billion. >> not necessarily. >> it would have a very negative effect on the economy. according to the legislation they would,...
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, and florida republican senator subrow, and connecticut independent senator, lieberman, and former debt co-chair and i could go on but i told you i take it upon myself to fix this mess as if i'm not busy enough thank you but i am looking after you and this country and if they cannot put together something, yours truly can and if i have to show up in spandex, i will. >> six weeks after losing their home they are being kicked out of their temporary one. it goes down this week. you wonder whether all of the high five's with the politicians commending fema had a clue. >> a big shout out to fema. they are a great partner. >> the president could not have appointed a better person. >> the administration, fema you have established when the call goes out the country is there to help their people. the "share t. get a great deal on a new subaru and 250 dollars goes to your choice of five charities. by the end of this, our fifth year, our total can reach almost 25 million dollars. it's a nice reflection on us all. now through january 2nd. get 0% apr financing for 36 months on a 2013 subaru forester
, and florida republican senator subrow, and connecticut independent senator, lieberman, and former debt co-chair and i could go on but i told you i take it upon myself to fix this mess as if i'm not busy enough thank you but i am looking after you and this country and if they cannot put together something, yours truly can and if i have to show up in spandex, i will. >> six weeks after losing their home they are being kicked out of their temporary one. it goes down this week. you wonder...
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what do americans, average americans, want to see in a fiscal cliff deal? steve leisman here now with our exclusive results of the cnbc all-america economic survey. what do americans want, steve? >> what you would expect. free stuff, tyler. actually, no, we'll get into that in a second. first we want to show you results of our december cnbc all-america survey. what we asked about the fiscal cliff. the first thing we wanted to establish is do people know about this thing? we looked at some of the other times we've asked this. what we'll see right here is other situations where they knew it, where other main stories that were out there. for example, the trayvon martin shooting. 91% of americans knew about that. occupy wall street, 80%. going forward what you have here, facebook, 72%. all the way down to 70%. you can look at this a couple ways. here's the greek financial crisis. 30% of the public not really paying attention to. inside that 70% number, 36% have know a lot about it. we'll compare with other stuff we asked last time about when they had a debt --
what do americans, average americans, want to see in a fiscal cliff deal? steve leisman here now with our exclusive results of the cnbc all-america economic survey. what do americans want, steve? >> what you would expect. free stuff, tyler. actually, no, we'll get into that in a second. first we want to show you results of our december cnbc all-america survey. what we asked about the fiscal cliff. the first thing we wanted to establish is do people know about this thing? we looked at some...